Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0532%/8h= −58.3% APRpaid last 24h −0.213%

Price spread now: SunX against Coinbase International+0.152%7-day average −0.253% · you sell dearer than you buy

Net, funding: paid 7d − costs−$379as in the Funding arb table

Net, price: spread back to 7d avg − costs−$229as in the Price arb table

costs, in and out, $10k−$2692.694% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.091%−$109 on $10k

Price spread, last 3 days (all we have)−0.192%−$19 · spread now +0.152%, 7d avg −0.253%

Together, before fees−1.283%−$128 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.404% dearer against Coinbase International than usual: you sell high and buy low (spread +0.152% now, against its 7-day average of −0.253%): +$40 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BILL-PERP-INTX	0.01386	0.0632	pay 0.0079% / 1h	39m 41s	$47K	$100K	50x
Short	SunX BILL-USDT	0.01388	0.0100	get 0.0050% / 4h	3h 39m	$2K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Coinbase InternationalbpFee SunXbpOrdersPrice spread, now +0.152%Rate

Funding earned: −$111.72
Price spread: +0.152% → −0.253%: $40.43
Slippage, 4 orders: −$251.43
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$340.73
Costs to cover: 2.694%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 59 min ago; SunX: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Coinbase International live order book, 59 min ago	8.34 bp	17.5 bp −$17	25.7 bp −$257	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	35.97 bp	132.0 bp −$132	doesn't fit	doesn't fit	doesn't fit

BILL on 16 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BILLUSDT	+0.0100%	4h	0.01385	−0.036%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01382	−0.281%	$1.3M	$938K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01381	−0.354%	$1.0M	$2.5M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01385	−0.065%	$280K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01382	−0.281%	$629K	$846K	20x	as long as short
SunX BILL-USDTshort	+0.0100%	4h	0.01388	+0.152%	$2K	$1.1M	20x
BloFin BILL-USDT	+0.0114%	4h	0.01386	+0.007%	$144K	$19K	20x	as long as short
Backpack BILL_USDC_PERP	+0.0153%	1h	0.01384	−0.137%	$21K	$926	5x	as long as short
Binance BILLUSDT	+0.0312%	4h	0.01383	−0.205%	$2.5M	$3.6M	20x	as long as short
MEXC BILL_USDT	+0.0316%	4h	0.01384	−0.137%	$988K	$322K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BILL-USDT	+0.0318%	4h	0.01384	−0.137%	—	$1.7M	—	as long as short
Extended BILL-USD	+0.0320%	1h	0.01383	−0.230%	$5K	$261K	5x	as long as short
Coinbase International BILL-PERP-INTXlong	+0.0632%	1h	0.01386	long leg	$47K	$100K	50x
HTX BILL-USDT	+0.0847%	4h	0.01390	+0.296%	$17K	$8K	20x	as long as short
KuCoin BILLUSDTM	+0.0956%	4h	0.01384	−0.137%	$445K	$280K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2209%	1h	0.01386	+0.029%	$108K	$14K	10x	as long as short